IRVINE, CA—Red Hill Covenant Group LLC has sold a newly renovated, 118,086-square-foot, creative-office property at 17000-17040 Red Hill Ave. here for $26.5 million to an unnamed buyer. Scott Read, executive managing director in NGKF's Newport Beach office, and Michael Kane, executive managing director in the firm's Los Angeles office, represented the seller in the transaction.

BOULDER, CO—Mike Dube, VP in HREC Investment Advisors' Denver office, represented seller Lewis Properties in the sale of the 49-guestroom Quality Inn & Suites here to a partnership between Basecamp Hotels, an independent boutique hotel company based in California, Eagle Point Hotel Partners and Filament Hospitality for an unnamed price. The partnership will renovate and reposition the property to its signature brand, Basecamp Hotel, which embodies the “spirit of a traditional base camp with a modern, eco-chic touch.” The acquisition begins the brand's expansion strategy into other markets across the U.S.

LAKE ELSINORE, CA—HELF Investments L.P. has purchased Canyon Hills Marketplace, a neighborhood shopping center at 25381-25341 Railroad Canyon Rd. and 29996-29997 Canyon Hills Rd. in Lake Elsinore, from CHMP No 1 LLC & CHMP II Owner LLC for $33.5 million. CBRE's Reg Kobzi, Joel Wilson and Peter Orth represented both the seller and the buyer. The project is currently 100% occupied.

WAIKOLOA VILLAGE, HI—Faris Lee Investments has completed the $22.5-million sale of Waikoloa Highland Center, a grocery-anchored shopping center in Waikoloa Village on the Big Island of Hawaii on behalf of the seller, Beverly Hills-based 3D Investments, to a Wisconsin-based private investor also represented by Faris Lee. The center totals 73,524 square feet and includes grocery store anchor tenant, Waikoloa Village Market, as well as Chevron, Subway, and First Hawaiian Bank. The property was 75 % occupied at the close of escrow.

ALISO VIEJO, CA—PM Realty Group's SVP Tim Joyce, along with and Gary Allen and Doug Matthews of Newmark Grubb Knight Frank, represented Shea Properties in the sale of two buildings here, 26940 Aliso Viejo Pkwy. and 26970 Aliso Viejo Pkwy. The building at 26940 Aliso Viejo Pkwy. was sold to Roosevelt Capital Partnership for nearly $6.8 million or $199 per square foot. The second building was sold to AVM Investment Group for $7.2 million at a price of $185 per square foot. PM Realty Group and NGKF co-brokered both deals, representing both the buyers and the sellers in these transactions.

LEASES

DENVER—Westcore Properties has secured a lease extension and expansion with two companies totaling 13,489 square feet of space at its 5350 S. Roslyn St. property in Greenwood Village, CO, and a 6,559-square-foot renewal at 400 S. Colorado Blvd. in Glendale, CO. Transamerica Financial Advisors Inc. signed a three-year lease renewal for 5,572 square feet and is expanding into 1,468 square feet of contiguous space and Walker Parking Consultants signed a five-year renewal for 6,449 square feet of space in the Greenwood Village property, while American Association of Nurse Assessment signed a five-year lease renewal at the Glendale building for 6,559 square feet of space. Fred Panici of Panici Commercial, in conjunction with Colorado Partners Realty Group, represented Walker for the lease renewal. Transamerica and Westcore were represented by Westcore's John Fefley in the lease renewal and expansion at the Greenwood Village location, and Tower Commercial Brokerage and Westcore's Fefley managed the Glendale renewal.

SALT LAKE CITY—KBS Real Estate Investment Trust III has signed 22,588 square feet in leases at its 222 Main, a class-A office building in the center of Salt Lake City's CBD. MasteryConnect Inc. signed a new, 17,353-square-foot lease, and the Pelorus Group LLC signed a 5,235-square-foot lease. Scott Wilmarth and Nadia Letey of CBRE represented KBS REIT III in the leases. J.R. Howa of Internet Properties and Keith Smith of Hamilton Partners represented Pelorus Group, while Jim Balderson and Jesse Mangum of JLL represented MasteryConnect.

DEVELOPMENT

SAN DIEGO—Legacy Partners Commercial Inc. plans to completely renovate the exterior and parts of the interior of its newly acquired Sorrento Canyon Technology Center, four office/life-science buildings totaling 98,987 square feet in Sorrento Mesa at 5451, 5501 Oberlin Dr. and 4940, 4980 Carroll Canyon Rd. The acquisition was a joint venture between Legacy and an affiliate of Goldman Sachs. Planned capital improvements include building a new exterior glazing system and renovating roofs, mechanical systems and entryways as well as upgrading the existing vacancies on a case-by-case basis with class-A tenant improvements. The common areas will undergo a complete landscape redesign, and an outdoor meeting space and sports amenities are planned. The joint venture has engaged CBRE to provide leasing services, with SVP Richard Danesi and first VP Ryan Egli as the exclusive leasing team for the project.

ALVISO, CA—Advanced Drainage Systems Inc. has opened a stocking/distribution yard here. The Silicon Valley facility is the third ADS location in Northern California, joining a supply yard in Benicia and a manufacturing plant in Madera. The yards increase the local supply of the company's products used in storm water and sanitary sewer-management projects, residential real estate complexes, airports, highways and more. The company's more than 3,800 employees support a network of 58 manufacturing locations and 29 stocking service yards in strategic locations across the globe.

FINANCING

LA JOLLA, CA—Fident Capital has secured $24 million of project financing for the acquisition, entitlement, and development of an infill townhome project in the village area of La Jolla, CA. The project will offer 18 townhomes for about $1.8 million each. The 32,139-square-foot site covers two parcels with existing commercial buildings and tenants whose leases expire at the end of the expected 12 months entitlement process. Financing was provided by a $1-billion national opportunity fund singularly focused on residential housing in growth markets. The fund capitalized 100% of the project costs with zero equity investment from the developer. The developer will earn a market-rate development fee plus profit participation as performance hurdles are cleared; the final tier of the waterfall allows the developer to earn 30% of profit.

EXECUTIVE APPOINTMENTS

SACRAMENTO—Marcus & Millichap has appointed Dan Hayward as senior director of the firm's National Hospitality Group. Hayward will be based in the firm's Sacramento office. Prior to joining the firm, Hayward was VP of investment services at Colliers International, where he focused on seller representation for investment properties throughout the Central Valley and Bay Area. While there, he led the hotel-investment services practice group for the West Coast.

SAN DIEGO—The San Diego office of Colliers International has hired Paul Lafrenz as SVP, providing clients consultative brokerage services in the acquisition and disposition of investment and owner/user properties. Lafrenz brings 33 years of commercial real estate industry experience from his tenure at CBRE focusing on office, medical, retail, industrial and NNN investment properties.